Cost Pressure
Financial institutions are looking at their technology partners to support them on this journey. Profit pressures are driving banks to drive operational efficiencies and optimize processes whilst reducing TCO.
44% of banks are planning to integrate their own products or capabilities into foreign ecosystems. 37% of bank executives plan to upgrade their IT infrastructure to cut cost and improve efficiency (moving away from existing Legacy Systems) and aiming at lower & more predictable TCO.
Simplify your IT systems infrastructure through system consolidation allowing for significant cost savings on legacy solutions and reduced run and support resources. Reducing the cost of compliance and benefit from the flexibility to quickly meet future requirements.
Avoid costly and time-consuming integration of the treasury management system with your business-critical software, including legacy software. Digital Treasury-as-a-Service is a proven, best-in-class solution designed to lower time to market and improve operational efficiency.
Regulatory & Compliance
Managing regulatory compliance can be stressful for financial institutions especially when dealing with changing regulatory requirements while relying on outdated systems and manual processes. 40% surveyed banks looking to leverage technology to enhance cost efficiency. $8B estimated cost incurred by financial institutions for LIBOR transition . Financial institutions need solutions that can transform their overall compliance capabilities to better compete and comply in today’s modern banking world.
Fast set-up and deployment – The solution is installed and preconfigured on the cloud, kept up-to-date with the latest regulatory changes with continuous deployment. Access to the latest technology and professional support, reducing operating risks and ensuring reliability, quality and performance.
Regulatory & Compliance
Managing regulatory compliance can be stressful for financial institutions especially when dealing with changing regulatory requirements while relying on outdated systems and manual processes. 40% surveyed banks looking to leverage technology to enhance cost efficiency. $8B estimated cost incurred by financial institutions for LIBOR transition . Financial institutions need solutions that can transform their overall compliance capabilities to better compete and comply in today’s modern banking world.
Fast set-up and deployment – The solution is installed and preconfigured on the cloud, kept up-to-date with the latest regulatory changes with continuous deployment. Access to the latest technology and professional support, reducing operating risks and ensuring reliability, quality and performance.
Pace of Technology Disruption
Almost every financial institution is embracing cloud and other emerging technologies to provide a better customer experience, simplify processes and take cost and risk out of their business. Some markets have recorded significant acceleration in use of APIs since 2019, including the US (+23%) and UK (+17%).60% of surveyed banks are planning to increase spending in transitioning to cloud-native, API-driven core systems.
Branch traffic will continue to decline, and digital experience will be the key to growing and retaining members. Nonetheless, branches should be prepared to transform to be more about in-person consultation and less about transactions.
The emergence of neobanks and fintechs in recent years, as well as the steady-state, underlying threat of financial services market domination will push more banks to change. Customer behaviors and expectations from banks are evolving and this will continue to drive transformation in the near future. Managed services pave the way for change by transferring the operational burden that financial institutions are otherwise compelled to carry. It is replaced by maximized ROI, mitigation of operational risk & accelerated agility.
